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A man borrows Rs 8160 from a finance company and has to return it in two equal annual instalments. If the rate of interest charged is 12.5% per annum, compounded annually, find the instalment.

A man borrows Rs 8160 from a finance company and has to return it in two equal annual instalments. If the rate of interest charged is 12.5% per annum, compounded annually, find the instalment.

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter1: Functions
Section1.1: Functions Given By Formulas
Problem 2TU: What is your monthly payment if you borrow 5000 at a monthly rate of 0.61 and pay it off in 5 years?
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Need steps. Find 1 principal and 2nd peincipal
..A man borrows Rs 8160 from a finance company and has to return it in two equal annual instalments. If the rate of interest charged is 12.5% per annum, compounded annually, find the instalment.
Transcribed Image Text:..A man borrows Rs 8160 from a finance company and has to return it in two equal annual instalments. If the rate of interest charged is 12.5% per annum, compounded annually, find the instalment.
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